10% CONVERTIBLE NOTE Maturity date of January 14, 2015Note • July 17th, 2014 • North Bay Resources Inc • Metal mining • Texas
FOR VALUE RECEIVED, North Bay Resources Inc., a Delaware Corporation (the "Company") doing business in Lansdale, PA hereby promises to pay to the order of JSJ Investments Inc., an accredited investor and Texas Corporation, or its assigns (the "Holder") the principal amount of Two Hundred and Fifty Thousand Dollars ($250,000), on demand of the Holder (the "Maturity Date"), and to pay interest on the unpaid principal balance hereof at the rate of Ten Percent (10%) per annum (the “Interest Rate”) from the date hereof (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise; provided, that any amount of principal or interest on this Note which is not paid when due shall bear interest at such rate on the unpaid principal balance hereof plus the Default Amount (as defined in Article 7, infra) from the due date thereof until the same is paid in full. Interest shall commence accruing on the Issuance Date, shall be compute
